The United Nations Food and Agriculture Organization (FAO) revealed today that meat prices fell 9.2% globally compared to prices a year ago.
The organization said that the global food price index rose in July, led by vegetable oils, dairy products and sugar, a continuation of the recovery from the previous month came after sharp declines caused by the Corona virus pandemic.
The FAO Food Price Index, which measures monthly changes in a basket of cereals, vegetable oils, dairy products, meat and sugar, averaged 94.2 points in July, compared to a slightly adjusted number in June of 93.1 points.
"As of June, further increases in the prices of vegetable oils, dairy products and sugar outweighed a decline in prices in meat markets with a generally stable value of the cereal price index," FAO said in a statement.
The FAO vegetable oil price index rose 7.6 percent in July, to a five-month high.
The organization added that palm oil was supported by an expected slowdown in production, a recovery in global demand and a long-term shortage of migrant workers, while soy and rape seed oil successively received support from tight supplies in Brazil and renewed demand in Europe.
The demand for vegetable oils had declined earlier in the year due to public isolation measures aimed at fighting the emerging corona virus, which had led to a decrease in restaurants and biofuels demand.
The organization said that all its dairy products rose last month, which helped the dairy index rise 3.5 percent and return to the rise beyond the pre-pandemic level.
Average sugar prices rose 1.4 percent, supported by higher energy prices and lower production due to drought in Thailand, which was partially offset by grinding sugar in large quantities in Brazil.
In contrast, the FAO Meat Price Index fell 1.8 percent on a monthly basis and recorded a 9.2 percent decline from a year ago.
The cereal index has remained virtually unchanged, with sharp gains for corn and sorghum linked to large Chinese purchases from US suppliers, offset by a decline in rice prices and a stabilization in wheat prices.